This article has been provided by Slater and Gordon.
Business men and women should protect their assets and their businesses in the event of a death through the writing of a will, just in the same way as they would take out an insurance policy.
Owner managed businesses, in particular, are often vulnerable during an estate administration. This is because the business is limited in what it can do until probate formalities are finalised. The time taken to do this is often over a year, during which both employees and family members can be left in limbo and unable to respond to market trends.
It is staggering that in an article published by National Savings & Investments entitled ‘No Will? No Way!’ that only 36% of people across England and Wales currently have a will and more so that as many as 35% of the remainder have not yet considered their options when it comes to making a will.
Making a will and considering what will happen to your estate which may include your business, is understandably not something that we would ordinarily want to think about, let alone talk about with our loved ones.
When I ask people what measures they have put in place, the common response is:
“I am far too young to make a will or consider planning for the future”.
Whilst it would be ideal, if not slightly scary, to be able to look into a crystal ball in order to understand what hand fate has dealt us to enable us to plan our futures, life unfortunately has a habit of getting in the way.
In addition to potential damage to the ongoing operations of a business from a personal; perspective making a will gives you a say in who benefits from your estate, whether that be family, friends or charities.
Without a will you have no say as to who benefits from your estate. It will be distributed in accordance with the legislative rules of intestacy which preference family members. Often those people who would benefit under the rules of intestacy are not the people that you would want to benefit if you had your say.
If you wish to discuss your options with regard to making a will or discuss how we can assist in planning for later life, please do not hesitate to contact me or one of our specialist team in Cardiff on 02921 921 1823.